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THE ARTHUR M. BLANK CENTER FOR ENTREPRENEURSHIP AT BABSON

IMPACT REPORT 2015-2016


OUR MISSION IS TO ACCELERATE THE PRACTICE OF ENTREPRENEURSHIP OF ALL KINDS THROUGH GLOBAL RESEARCH INITIATIVES AND INNOVATIVE COCURRICULAR PROGRAMS THAT INSPIRE AND INFORM ENTREPRENEURIAL THOUGHT & ACTION . ®

®

AT BABSON, ENTREPRENEU STARTS AT THE BLA


BABSON: A HISTORY OF FIRSTS IN ENTREPRENEURSHIP 1ST UNDERGRADUATE ENTREPRENEURSHIP MAJOR 1ST FULL-TIME MBA PROGRAM WITH ENTREPRENEURSHIP FOCUS 1ST ENTREPRENEURSHIP RESEARCH CONFERENCE 1ST VENTURE ACCELERATOR WITH TIERED ACCESS TO RESOURCES 1ST GLOBAL ENTREPRENEURSHIP MONITOR

RSHIP NK CENTER

THE BLANK CENTER IS HOME TO THE 53 ACADEMICS AND ADJUNCTS WHO COMPOSE BABSON’S ENTREPRENEURSHIP FACULTY, THE LARGEST DEDICATED ENTREPRENEURSHIP FACULTY IN THE WORLD.

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DEBI KLEIMAN, EXECUTIVE DIRECTOR, BLANK CENTER ANTONETTE HO, ASSISTANT DIRECTOR, ENTREPRENEUR PROGRAMS

OUR TEAM

CINDY KLEIN MARMER, ASSOCIATE DIRECTOR, BUTLER VENTURE ACCELERATOR NANCY MCCARTHY, COORDINATOR, BLANK CENTER MARCIA COLE, ASSISTANT DIRECTOR, GEM VALERIE DUFFY, ASSISTANT DIRECTOR, STEP DONNA LUCE, ASSISTANT, STEP GEORGIA PAPAVASILIOU, ASSISTANT DIRECTOR, BCERC SUSAN SUTHERLAND, ASSISTANT, BCERC

Meet Debi Kleiman

EXECUTIVE DIRECTOR OF THE BLANK CENTER

“Since joining the team at the Blank Center in January, I’ve found the energy and intelligence here astounding. It’s exciting to be at the center of entrepreneurship at Babson, a hub of action where so much meaningful work is happening. Whether through the mentoring of student ventures, the programming that supports practice, or the insightful global research that informs policy, the Blank Center helps to build great entrepreneurs who create value and positive change in the world.”

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AREAS OF IMPACT EMPOWERING ENTREPRENEURS IN ACTION 6

JOHN E. & ALICE L. BUTLER VENTURE ACCELERATOR 10

ROCKET PITCH

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B.E.T.A. CHALLENGE

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SUMMER VENTURE PROGRAM

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MASSCHALLENGE

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STUDENT AND ALUMNI ENGAGEMENT

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INSTITUTE FOR FAMILY ENTREPRENEURSHIP

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CELEBRATING LEADING ENTREPRENEURS 18

ACADEMY OF DISTINGUISHED ENTREPRENEURS

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ALUMNI ENTREPRENEUR HALL OF FAME

®

ADVANCING GLOBAL ENTREPRENEURSHIP RESEARCH 21

THE DIANA PROJECT ™

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GLOBAL ENTREPRENEURSHIP MONITOR (GEM)

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BABSON COLLEGE ENTREPRENEURSHIP RESEARCH CONFERENCE (BCERC)

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SUCCESSFUL TRANSGENERATIONAL ENTREPRENEURSHIP PRACTICES (STEP)

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ARTHUR M. BLANK SCHOLARS

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Michelene Wilkerson ’16

EMPOWERING ENTREPRENEURS IN ACTION

The John E. and Alice L. Butler Venture Accelerator FACULTY DIRECTOR: ANDREW CORBETT, PROFESSOR OF ENTREPRENEURSHIP AND CHAIR, ENTREPRENEURSHIP DIVISION

The Butler Venture Accelerator, through diverse programs such as the B.E.T.A. Challenge, Rocket Pitch, and the Summer Venture Program, works to create opportunities to move student and alumni businesses forward. 6


RESOURCES

The accelerator empowers Babson entrepreneurs with resources that include: Workshops and office hours with experts

Free workspace

Faculty advisors and outside mentors

Community support to help them start or advance their ventures

Access to seed funding

“The best thing about having a role in the Butler Venture Accelerator is to see the transformation. Students come with an idea, a concept, or sometimes just an interest in being an entrepreneur, and through their engagement with our mentors, advisors, and all of the programming, you will soon see a change. In a relatively short time, the student who was a bit unsure about what to do and how to move their concept forward is transformed into a more confident, astute entrepreneur ready to crush it! – ANDREW CORBETT, BUTLER VENTURE ACCELERATOR FACULTY DIRECTOR

IN THE 2015–2016 ACADEMIC YEAR, THE ACCELERATOR: PROVIDED SEED FUNDING GRANTS

UP TO

$3,000 TO 25 VENTURES

HELD MORE THAN

75 EVENTS INCLUDING HOW2TUESDAYS, FOUNDER FRIDAYS, AND OTHER WORKSHOPS

365 ENTREPRENEURS REPRESENTING PARTICIPATED IN THE BUTLER VENTURE 318 BUSINESSES ACCELERATOR IN 2015–2016. 7


EMPOWERING ENTREPRENEURS IN ACTION

PARTICIPANTS IN THE BUTLER VENTURE ACCELERATOR BENEFIT FROM THE REAL-WORLD INSIGHTS OF OUR ENTREPRENEURS IN RESIDENCE:

FRAN SLUTSKY FOUNDER, I+D+M CREATIVE

BLAIR HEAVEY MBA’89, P’14 FOUNDER, HEAVEY ADVISORS

EXPLORE

PETER BIRO PARTNER, TECH CXO

LAUNCH & GROW

PURSUE

YOUR OPPORTUNITIES

YOUR PASSION

LEARN ABOUT BUSINESS AND HOW TO BE AN ENTREPRENEUR

YOUR BUSINESS

DESIGN AND BUILD A SOLID FOUNDATION FOR A NEW BUSINESS VENTURE

TAKE AN ESTABLISHED BUSINESS VENTURE TO THE NEXT LEVEL OF SUCCESS

FACULTY ADVISORS: CAROLINE DANIELS AND ELIZABETH THORNTON

FACULTY ADVISOR: CINDY KLEIN MARMER

FACULTY ADVISOR: JOHN HALLAL

SAN FRANCISCO FACULTY ADVISOR: MARY GALE

64%

19%

58%

17%

BUSINESSES BY LEVEL explore 8

pursue

launch & grow

18% 24%

BUSINESSES BY PROGRAM graduate

undergraduate

alumni


“The accelerator resources were integral to where we are today. We earned dedicated office space alongside five other ventures, so it was a great, collaborative environment. It also offered an easy way for us to build out our network and interact with potential customers.” – ROB DALTON MBA’14, CO-FOUNDER, 88 ACRES

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EMPOWERING ENTREPRENEURS IN ACTION SIGNATURE BUTLER VENTURE ACCELERATOR PROGRAMS

ROCKET PITCH Our annual Rocket Pitch event invites students and alumni to pitch their business ideas in a rapid-fire format to a large audience of students, faculty, investors, and other entrepreneurs. + 3 MINUTES

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+ 3 POWERPOINT SLIDES LOTS OF ENTHUSIASM


IN 2015, ROCKET PITCH FEATURED

370

ATTENDEES

92

PITCHES

INDUSTRIES 9%       NONPROFIT/SOCIAL

15%     SERVICE

10%     FOOD/BEVERAGE

18%     CONSUMER PRODUCTS

10%     WEB

25%     TECH/MOBILE

13%     OTHER

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EMPOWERING ENTREPRENEURS IN ACTION SIGNATURE BUTLER VENTURE ACCELERATOR PROGRAMS

B.E.T.A. CHALLENGE Sponsored in part by the Babson Alumni Association, the B.E.T.A. (Babson Entrepreneurial Thought & Action®) Challenge is a competition that showcases Babson student and alumni ventures, providing an exciting platform for our entrepreneurs to gain momentum and be recognized for the actions they’ve taken to accelerate the growth of their businesses. In 2016, the B.E.T.A. Challenge featured 72 submissions from students and alumni. A total

11 l WOMEN INNOVATING NOW (WIN) LAB

of $200,000 in cash and in-kind prizes was awarded to the winners and semifinalists.

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2016 B.E.T.A. WINNERS Undergraduate winner: PICCPerfect Emily Levy ’16, Maria del Mar Gomez ’16, Julianne Carlin ’17, and Yousef Al-Humaidhi '15 Fashionable PICC line covers that safely and securely protect patients during treatment.

Graduate winner: Play Business Joan Segura Oyamburu MBA’17 and Fernanda de Velasco The first online equity crowdfunding platform for Mexican entrepreneurs and global investors.

Alumni winner: Green Piñata Toy Share Shiva Kashalkar MBA’11 and Kiran Kashalkar MBA’15 An online subscription service that ships premium educational toys for young children.

BETA C

Babson Entrepreneurial Thought and Action® Challenge

BETA C

Babson Entrepreneurial Thought and Action® Challenge

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EMPOWERING ENTREPRENEURS IN ACTION SIGNATURE BUTLER VENTURE ACCELERATOR PROGRAMS

SUMMER VENTURE PROGRAM The Summer Venture Program (SVP) is 10-week intensive experience designed to accelerate the development of student entrepreneurial ventures. Offered to Babson students, as well as students from F.W. Olin College of Engineering and Wellesley College, the program offers housing, workspace, top-notch advisors, a speaker series, a dynamic peer community, and other resources to 15 teams to help them advance their businesses. The program concludes with the Summer Venture Showcase,

11 l WOMEN INNOVATING NOW (WIN) LAB

where each team presents in front of professional investors and the local startup community.

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SINCE ITS CREATION IN 2009, SVP HAS HELPED DEVELOP

109 VENTURES STARTED BY

152 ENTREPRENEURS

IN 2016, SVP EXPANDED TO INCLUDE 11 TEAMS AT BABSON’S SAN FRANCISCO CAMPUS.

“By the end of the program, I had consistent revenue, multiple employees, a plan for the next few months, and confidence that I was ready to run the company on my own.”

– A BBY SPEICHER MBA’15, CO-FOUNDER, DARTDRONES

“The best thing I have ever done at Babson. I got six months’ worth of work done in 10 weeks and it really helped me launch my company!”

– EMILY LEVY ’16, CO-FOUNDER, PICCPERFECT

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EMPOWERING ENTREPRENEURS IN ACTION

MassChallenge We believe in combining entrepreneurship theory and practice with real-world exposure and experience. Our relationship with MassChallenge, the world’s largest accelerator program, gives the Babson community the opportunity to network and support the spirit of entrepreneurship off campus, and we’re proud to have our faculty, staff, and alumni serve as mentors, judges, and experts for the four-month program.

Student and Alumni Engagement Connecting with Students With more than 100 undergraduate and graduate student-run clubs and organizations, Babson’s student body never lacks for ideas and outlets to share them. The Blank Center supports the activities of many of these organizations, including eTower and the Babson Entrepreneurship Club, through programming support, faculty connections, and funding. The Blank Center also is heavily involved in the Babson Entrepreneurship Forum, a daylong event filled with interactive workshops and engaging panels.

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SIX

OF MASSCHALLENGE’S 128 FINALISTS WERE BABSON STUDENT VENTURES

Nix86

, a cloud-based, universal ordering platform for the food service industry, co-founded by Alex Hardy MBA’01, was $50,000 Gold prize winner.

THE 2015 BABSON ENTREPRENEURSHIP FORUM FEATURED:

495 72 25 24 ATTENDEES FROM

COUNTRIES

SPEAKERS

PROGRAMS

Connecting with Alumni The Blank Center’s reach goes beyond the student body. This year, more than 200 alumni volunteered as guest speakers, evaluators, Babson Alumni Supporting Entrepreneurs (BASE), consultants, judges, and committee members for Blank Center activities. In 2015–2016, the Babson Alumni and Friends Network partnered with the Blank Center to help launch the first Rocket Pitch events in San Francisco and Los Angeles. There, more than 200 alumni and friends came together to watch more than 20 entrepreneurs pitch their companies.


Institute for Family Entrepreneurship FACULTY DIRECTOR: MATT ALLEN, ASSOCIATE PROFESSOR OF ENTREPRENEURSHIP

Part of the Blank Center, the Institute for Family Entrepreneurship (IFE) is Babson’s hub for familybusiness research and student programming. The IFE, through its impact on curriculum and programs, is focused on developing the mindsets and capabilities that enable business families to think and act more entrepreneurially in all contexts. As a part of our efforts to grow this essential institute into an influential source of thought leadership at Babson and beyond, we have created a dedicated website, advisory board, and Family Business Speaker Series. We’ve also worked to support the Bertarelli Foundation Chair of Family Entrepreneurship, which was recently created to lead a multidisciplinary approach to family enterprise.

NEARLY

50% BABSON STUDENTS COME FROM A FAMILY BUSINESS BACKGROUND THE MEAN SIZE OF

BABSON FAMILY BUSINESSES*:

500 EMPLOYEES

* ROUGHLY HALF OF WHICH ARE LOCATED OUTSIDE THE UNITED STATES.

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CELEBRATING LEADING ENTREPRENEURS

Academy of Distinguished Entrepreneurs

®

In 1978, Babson established the Academy of Distinguished Entrepreneurs® (ADE), the world’s first entrepreneurship hall of fame. To date, ADE has recognized more than 100 celebrated entrepreneurs who have created great economic and social value. 18

In 2015, ADE inducted two new members: DOROTHY CANN HAMILTON Founder and CEO of the International Culinary Center

DOUG RAUCH Former president of Trader Joe’s, founder of Daily Table, and CEO of Conscious Capitalism


Celebrating Alumni Achievements in Entrepreneurial ® Thought & Action Alumni Entrepreneur Hall of Fame Created in partnership with the Alumni and Friends Network, Babson’s Hall of Fame celebrates alumni who have distinguished themselves in entrepreneurial endeavors across all types of enterprises.

2016 Alumni Entrepreneur Hall of Fame honoree Eric G. Johnson ’72, P’08 President and CEO, Baldwin Richardson Foods

Alumni Rising Stars Our celebration of alumni entrepreneurs also honors Rising Stars, entrepreneurs who have founded or co-founded businesses which are less than 10 years old and are making an impact in their marketplace and in the media.

Alexander Debelov ’10 Co-founder and CEO, Virool Alex Moazed ’10 Founder and CEO, Applico Jamie Siminoff ’99 CEO and Chief Inventor, Ring Savitha Sridharan MBA’14 Founder and CEO, Orora Global

Eric G. Johnson ’72, P’08, 2016 Hall of Fame inductee

2016 Rising Stars

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ADVANCING GLOBAL ENTREPRENEURSHIP RESEARCH “In order to provide relevant entrepreneurship education to our students, we conduct applied research that helps us understand the practices, approaches, and stories of entrepreneurs. The findings of these research projects also create thought leadership in the global entrepreneurial community, reinforcing that Babson is the hub of applied research for entrepreneurship of all kinds everywhere.” – CANDIDA BRUSH VICE PROVOST FOR GLOBAL ENTREPRENEURIAL LEADERSHIP

A Hub of New Insights and Inspiration

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Emily Levy ’16, co-founder, PICCPerfect and Professor Candida Brush

Babson has long been a leading catalyst for entrepreneurship research, and the Blank Center plays a critical role in supporting research initiatives that convene scholars from around the world. These global efforts spread awareness about the positive impact of entrepreneurship and provide thought leadership that inspires future social, economic, and political action.


The Diana Project

FACULTY DIRECTORS: CANDIDA BRUSH AND PATTI GREENE, PAUL T. BABSON DISTINGUISHED PROFESSOR OF ENTREPRENEURIAL STUDIES

Established in 1999, The Diana Project raises the awareness and expectations of women entrepreneurs through applied research. The focus is on women’s approaches to acquiring financial investments and other resources, as well as educating resource providers and policymakers about the importance of support of and investment in women entrepreneurs.

In 2014, The Diana Project released “Women Entrepreneurs 2014: Bridging the Gender Gap in Venture Capital”—a survey of all investments in U.S. businesses between 2011– 2013. The report received more than 1 billion media impressions and has had its findings featured in Time Inc., The Wall Street Journal, Financial Times, and Forbes.

KEY FINDINGS

2.7%

of all U.S. companies receiving venture capital had a woman CEO

15%

of all U.S. companies receiving venture capital had at least one woman on the executive team

The 8th annual Diana Project International Research Conference was held at Babson College in June 2015, featuring representatives from 18 countries.

The Diana International Network includes more than 400 top scholars from around the world. 21


ADVANCING GLOBAL ENTREPRENEURSHIP RESEARCH

Global Entrepreneurship Monitor FACULTY DIRECTOR: DONNA KELLEY, FREDERIC C. HAMILTON PROFESSOR OF FREE ENTERPRISE STUDIES

Launched in 1999 as a partnership between Babson College and London Business School, the Global Entrepreneurship Monitor (GEM) is the largest research study on entrepreneurship in the world, providing unique global, regional, and national perspectives on entrepreneurial attitudes, activities, and aspirations.

IN EACH COUNTRY’S ECONOMY, GEM LOOKS AT TWO ELEMENTS:

1. ENTREPRENEURIAL BEHAVIOR, ATTITUDES, AND ASPIRATIONS OF INDIVIDUALS 2. THE NATIONAL CONTEXT AND HOW THAT IMPACTS ENTREPRENEURSHIP

Babson is the lead sponsor of GEM Global—which has influenced initiatives by USAID, the U.S. Department of State, OECD, and more— and this year was the host for the GEM launch event and conference in Boston. There, key policy influencers and entrepreneurship research professionals from around the world discussed findings and implications.

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GEM BY THE NUMBERS

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200,000+

years of data

500+

interviews a year

specialists in entrepreneurship research

300+

academic and research institutions

100+ countries

$

200+

funding institutions

GEM IMPACT IMPACT OF 2014 GEM GLOBAL REPORT:

5,444 media hits from 109 countries Launch event in February 2016 included panelists from the United Nations Conference on Trade and Development, the World Economic Forum, the World Bank, and the Brookings Institution IMPACT OF 2014 GEM WOMEN’S REPORT:

Identified more than 200 million women entrepreneurs across 61 economies, an increase of 6 percent since 2012 23


ADVANCING GLOBAL ENTREPRENEURSHIP RESEARCH

Babson College Entrepreneurship Research Conference

THE 2016 BCERC DOCTORAL CONSORTIUM RECEIVED

FACULTY DIRECTOR: ANDREW ZACHARAKIS, JOHN H. MULLER JR. PROFESSOR OF ENTREPRENEURIAL STUDIES

First held in 1981, the Babson College Entrepreneurship Research Conference (BCERC) has continued to bring the world’s leading academics together annually for what is considered to be the most prestigious entrepreneurship research conference in the world.

120 APPLICANTS AND INCLUDED

25 STUDENTS FROM

25 COUNTRIES

2016’S BCERC, CO-SPONSORED BY NORD UNIVERSITY BUSINESS SCHOOL AND NORDLAND RESEARCH INSTITUTE, WAS HELD IN BODØ, NORWAY, AND FEATURED: 639 abstract submissions from 43 countries 227 paper presentations 305 entrepreneurial researchers

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Successful Transgenerational Entrepreneurship Practices Project FACULTY DIRECTOR: MATT ALLEN, ASSOCIATE PROFESSOR OF ENTREPRENEURSHIP

Launched in 2005, The Successful Transgenerational Entrepreneurship Practices (STEP) Project for family enterprise is a global applied research initiative that explores the successful entrepreneurial practices of family businesses over time. The leading academics and business families from around the world have joined as partners in the STEP Project because they believe that real power and opportunity exists in unleashing the entrepreneurial potential of the family across generations. Babson College is the convener of the STEP Project, which now includes: » 35+ partner institutions from Europe, Latin America, Asia, North America, and Africa » 175+ scholars from around the world

The STEP global report, completed in August 2015, received responses from 686 unique family businesses located in 32 countries.

The work of STEP has resulted in the creation of: 11 PUBLISHED BOOKS

(BOOKS, PRACTITIONER BOOKLETS)

14 SCHOLARLY ARTICLES 16 REGIONAL SUMMIT EVENTS CONVENING SCHOLARS AND FAMILIES 2 GLOBAL SUMMITS (2010 AND 2013)

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ADVANCING GLOBAL ENTREPRENEURSHIP RESEARCH

Arthur M. Blank Scholars Our support of promising entrepreneurs begins during Babson’s admissions process. The Arthur M. Blank Scholarship—$7,000 a year for all four years at Babson—is awarded to incoming students based on entrepreneurial potential, academic achievement, and financial need. Applicants demonstrate their entrepreneurial accomplishments and aspirations through a 500-word essay.

CLASS OF 2016 BLANK SCHOLARS Kelli Halligan ’16 Nicole Marshall ’16 CURRENT BLANK SCHOLARS: Madeline Brooks ’17 James Cantoni ’17 Grant Masingill ’17 Andrew Lidington ’18 Micah Nelson ’18 Elizabeth Lane ’19

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WANT TO MAKE AN IMPACT? Learn how you can support the new ventures and initiatives at the Blank Center by contacting us at blankcenter@babson.edu

GET CONNECTED WITH THE BLANK CENTER: twitter.com/BabsonEship

facebook.com/babsonentrepreneurs


“The accelerator helped us put concrete goals on the table. It forced us to ask questions, to get feedback, and to talk in front of lots of people—and often— to fine-tune our idea.” – BETH BORGES MBA’10, CO-FOUNDER, HOUSE BEAR BREWING

“Being a part of the accelerator has been extremely rewarding and valuable. I am thankful for the support that has helped move my business forward and for access to the opportunities that are leading to even more opportunities.” “The Butler Venture Accelerator is a great program because it connects entrepreneurial students (at any stage of their businesses) to resources that are highly beneficial to their pursuits. There are always other entrepreneurial peers and professionals who are there to help as well if necessary.”

– BRENDAN BARBATO ’19, FOUNDER AND CEO, SHELFIE

– NICHOLAS VALLES ’19, FOUNDER, COLLEGE C.A.M.P.

BLKMKT-2419 6/2016

The Arthur M. Blank Center for Entrepreneurship Impact Report 2015-2016  

At Babson College, entrepreneurship starts at the Blank Center. Learn about the impact of our world-class programs, signature events, global...

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